On July 22, 2025, the Hong Kong Monetary Authority (HKMA) announced disciplinary action against 33 Financial Services Limited (33FS) for contravening the Payment Systems and Stored Value Facilities Ordinance (PSSVFO). The HKMA reprimanded 33FS and imposed a pecuniary penalty of HK$1,600,000 for failing to meet the minimum criteria under section 6(2)(b) of Part 2 of Schedule 3 to the PSSVFO. This failure involved not having adequate systems of control to comply with the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism, particularly in obtaining sufficient customer information, conducting due diligence on business entities, and ensuring proper customer identification by outsourced entities.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250722-5/
